Kamat Hotels to clear debts with OTS approval from Canara Bank
DSIJ Intelligence / 29 Aug 2017
Kamat Hotels (India) has received an approval from Canara Bank for a one-time settlement proposal (OTS), the company said in a filing to the bourses on Tuesday.
Engaged in the business of hospitality and allied businesses, Kamat Hotels (India) has received an approval from Canara Bank for a one-time settlement proposal (OTS), the company said in a filing to the bourses on Tuesday.
The company cites that the reason for opting for OTS was the cash flow mismatch faced by the company due to which its debts have turned into non-performing asset (NPAs). The entire repayment under OTS will be completed in two installments, which shall be paid latest by the first week of October 2017, the statement added.
The stock of Kamat Hotels was gaining grounds on the bourses after this update and moved upwards to touch its intraday high of Rs 68.6 per share, up by 9.14% during Tuesday’s trading session.
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